Dean Thompson
Cell:250-898-4777
Office:250-339-2021
Toll Free:888-829-7205

 increasing prices

 Comox Valley Real Estate News for November 2017 

 Some notable statistics are as follows:

  • The average single family home sale price for October 2017 was $510,645; an increase of 17% from the same month last year!

  • Single family homes sold for an average of 97% of their list price in October.

  • New listings for detached homes were up 33% in October compared to the same month last year.

  • The average number of days for a single family home to sell in October was 61 days; an increase of 41% from October 2016 (43 days). 

For detailed information visit  Comox Valley Real Estate Statistics or  contact me directly. 

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          Mortgage Rule Changes effective January 1, 2018 

          * The Office of the Superintendent of Financial Institutions Canada (OSFI) is setting a new minimum qualifying rate, or “stress test,” for uninsured mortgages.

          *OSFI is requiring lenders to enhance their loan-to-value (LTV) measurement and limits so they will be dynamic and responsive to risk.

          *OSFI is placing restrictions on certain lending arrangements that are designed, or appear designed to circumvent LTV limits.


          Example:

           Under the current mortgage rules, a family with a gross annual household income of $70,000, with no other debts would be able to qualify for a mortgage of roughly $400,000. They would need to have a down payment of $100,000, but with that they would be able to purchase a house for a price of $500,000. 

           

          Under the new rules in 2018, the same family with the same gross annual household income of $70,000, the same $100,000 for their down payment and no other debt will only qualify for a mortgage amount of $320,000 and therefore a maximum purchase price of $420,000.

           

          So in this scenario the family’s purchasing power will be reduced by $80,000 due to the new mortgage rules.

           

          For more information, Click Here.
           

           

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          MOUNT WASHINGTON is scheduled to open for the WINTER season at 9am on Friday, December 8th, 2017! Get your passes for the 2017/2018 ski & snowboard season at www.mountwashington.ca


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          Comox Valley Farmers' Market  on Saturdays from 10am-1pm!

           

          The Fall Farmers' Market has now moved indoors for the winter season to the Native Sons Hall in Courtenay.  


          For more information:  www.comoxvalleyfarmersmarket.com


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